Tax Reform in Washington
A recent Wall Street Journal article cited a study from the nonpartisan Tax Policy Center that came out following last Thursday's release of general guidelines for tax policy from top lawmakers and the current administration, which found Americans making between $150,000 to $300,000 would be the hardest hit by new proposals. Approximately one third of this group of taxpayers can expect to see their tax bills increase by $3,000 to $4,000 on average. Another WSJ article from back in April of this year said the White House was considering eliminating deductions for state and local taxes. If this is part of this administration's tax reform, it would present a further burden for taxpayers in high-tax states such as California, Connecticut, Massachusetts, New Jersey, and New York. Links to the two WSJ articles are below. Bad News If You Make $150,000 to $300,000: Higher Taxes for Many Next Tax Battle: Trump’s Bid to Ax a Favorite Blue State Deduction
